Sony to resume operations of acquired Japanese crypto firm ‘Whalefin’

Date:

Japanese tech giant Sony is gearing up to run a crypto exchange business through Whalefin, which it acquired in 2023. With this, Sony will find itself facing tough conditions in the Web3 domain, which is not only full of financial risks but also regulatory scrutiny across the globe. Sony plans to relaunch the exchange by launching a new app dedicated to crypto exchange and trading services. It is unclear whether Whalefin will remain the name of this exchange or Sony will change it to mark its new beginning.

About Sony’s history and future with Whalefin

In December 2021, Amber Group announced the launch of Whalefin as its flagship digital asset platform. In August 2023, Sony’s Quetta Web unit purchased Amber Japan, which was Whalefin’s parent company at the time. On Monday, July 1, Amber Japan officially announced its rebranding as S.Blox. Along with the announcement, S.Blox also revealed that the Whalefin crypto exchange is gearing up to begin operations once again.

“Whalefin is scheduled to be renewed in the future. In addition to redesigning the UI screens, the renewal of Whalefin will include releasing a new app to provide an easier-to-use service. After the renewal, we also plan to further expand the supported currencies and functions,” the announcement mentioned.

Simultaneously, Sony Group is looking to enhance its product and service offerings by integrating crypto-focused features. As of now, neither Sony nor S.Blocks have revealed the exact timeline by which the Whalefin crypto exchange will resume its operations.

Sony’s association with Web3 so far

Sony, which is a popular name in the tech industry, is now trying to delve deeper into the Web3 sphere. Back in 2022, Sony Music Entertainment said that it was exploring avenues to bring artists as well as music together with the NFT industry. At the time, Sony filed a trademark application for the Columbia Records logo, with the aim of using it around NFT-backed media. The same year, Sony applied to obtain a patent for tracking digital collectibles within its gaming ecosystem through NFTs.

In 2023, Sony Network Communications teamed up with smart contract platform, Astar Network, with the aim of exploring how blockchain could solve persistent problems in the gaming, entertainment, music, and imaging industries.

Recently, Sony said it plans to let gamers collect all of its digital collectibles and create Super Fungible Tokens – trying to carve out a new niche within the NFT sphere.

In 2023, Japan’s Prime Minister Fumio Kishida called Web3 the ‘next form of capitalism’ and expressed his excitement about Japan entering the digital asset sector. Since then, crypto firms like Binance and Mercuryo have taken pro-crypto steps to thrive in the country.


Affiliate links may be automatically generated – see our ethics statement for details.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Here are all the devices compatible with iOS 18

Apple's WWDC 2024 was full of announcements about iOS...

Will Smith broke Twitch’s biggest streaming record, the real reason why

Every summer, Spanish Twitch streamer Ibai Llanos hosts a...